Study: Father’s Day spending will rise 16%

There should be a lot of glad dads on Fathers’ Day this year, especially those with millennial children.

According to a new study from online discounts and deals platform RetailMeNot, consumers are planning on spending an average of $107 each on Father’s Day this year, a 16% increase from the average $89 spent per consumer in 2020.

Millennials in particular are planning to splurge on the holiday. Members of this age group will spend an average of $135 on a Father’s Day gifts this year, which is more than any other generation and 52% higher than the overall average spend from 2020. 

Other interesting statistics from RetailMeNot’s analysis include:

•    38% of consumers plan on purchasing gift cards (compared to 40% in 2020).
•    31% plan on buying food (compared to 27% in 2020).
•    20% plan to have dinner in a nice restaurant (compared to 32% in 2020).
•    The top two gifts that fathers want this year remain unchanged. However, there are some slight differences in the number of fathers actually wanting those gifts. Just like 2020, a leading 37% of fathers want a day spent with family. Also similar to 2020, a nice dinner is the second-most desired gift. However, only 26% of fathers are looking to have that in 2021.